Burney Co. Trims Stock Position in McKesson Corporation $MCK

Burney Co. cut its holdings in shares of McKesson Corporation (NYSE:MCK) by 1.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,969 shares of the company’s stock after selling 753 shares during the period. McKesson makes up approximately 1.5% of Burney Co.’s investment portfolio, making the stock its 9th largest holding. Burney Co.’s holdings in McKesson were worth $44,677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Solstein Capital LLC lifted its holdings in McKesson by 171.4% during the second quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after acquiring an additional 24 shares in the last quarter. GFG Capital LLC bought a new position in McKesson during the second quarter worth about $30,000. CBIZ Investment Advisory Services LLC lifted its holdings in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after acquiring an additional 41 shares in the last quarter. Bank of Jackson Hole Trust lifted its holdings in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares in the last quarter. Finally, Saudi Central Bank bought a new position in McKesson during the first quarter worth about $34,000. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 24,189 shares of company stock worth $16,722,190. Company insiders own 0.08% of the company’s stock.

McKesson Stock Performance

NYSE:MCK opened at $811.96 on Monday. The stock’s 50-day simple moving average is $741.39 and its 200 day simple moving average is $719.17. The company has a market cap of $100.99 billion, a P/E ratio of 32.37, a P/E/G ratio of 1.46 and a beta of 0.52. McKesson Corporation has a 52-week low of $498.32 and a 52-week high of $846.32.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 EPS. As a group, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s payout ratio is 13.08%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MCK shares. UBS Group boosted their price target on McKesson from $860.00 to $920.00 and gave the company a “buy” rating in a report on Monday, October 27th. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Zacks Research upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Cowen restated a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Finally, Bank of America boosted their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $839.15.

McKesson Profile

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.